MADISON, NJ—With Black Friday and Cyber Monday a little more than a week in the future, a new Coldwell Banker Commercial Affiliates survey gives cause to expect throngs of shoppers on the day after Thanksgiving. Conducted online by Harris Poll among 2,001 adults segmented into four age cohorts, the survey found that 47% of US adults prefer to make purchases in brick-and-mortar stores over buying on the Web.
“Despite doomsday headlines about the retail industry and how e-commerce has taken over, our survey has found that Americans still enjoy and remain loyal to in-store shopping, regardless of the retail climate,” says Fred Schmidt, president and COO of Coldwell Banker Commercial Affiliates. “When asked a similar question in 2016, 43% of Americans preferred to shop in-store over online, and this year it has ticked up to 47%. All in all, this shows that brick-and-mortar retail remains steady, but there is work to be done to keep the industry relevant.”
Brick-and-mortar or no, a little tech helps set the stage for a rewarding shopping trip. Thirty-five percent of survey respondents said that in-store technology, such as self-serve kiosks and checkouts, improves their experience. And more shoppers are becoming comfortable with virtual reality: 17% of this year's respondents said they're open to it, comparted with 10% in last year's survey.
Nearly three in 10 Older Millennials ages 30 to 34 reported interest in VR technology while shopping in store. Among Younger Millennials, a sweet spot is in-store tracking and notifications of their favorite brands: 41% of respondents in this age bracket showed an interest.
“Increasingly, American households are introducing more and more technology into their day-to-day routines, and it's only natural for them to expect more from their retailers,” says Schmidt. “Not surprisingly, the Millennial crowd is more interested in these features than other generations and I expect these numbers to grow over time, not just as we become exposed to more tech, but also as Gen Z acquires more purchasing power as they grow older.”
The survey also found that 42% of adults prefer supporting small local businesses as they shop. A variation on this theme is Millennials' leadership in terms of preferring to shop at smaller boutiques or shops rather than department stores.
The implications for big-box stores? “They too will have to adapt,” Schmidt says. “In order to remain relevant, big box and department stores will need to look at their large stores and consult with their brokers about reconfiguring space to create a more appealing, boutique look to encourage more foot traffic.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
